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Kieran.y
Posts: 2 Joined: Mon Oct 13, 2014 2:03 pm
Looking at paying a little extra directly into a bank account which is currently frozen to reduce the balance and avoid the commission the iva company im with taking their cut. resulting in the debt being paid quicker.ios this a good idea
Foggy
Posts: 33396 Joined: Fri Dec 17, 2010 11:14 amLocation: United Kingdom
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Not a good idea at all -- payments direct to a creditor will cause your IVA to fail as this is contrary to your agreement.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
Til
Posts: 845 Joined: Wed Aug 06, 2008 12:04 amLocation:
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Til » Mon Oct 13, 2014 5:12 pm
Is this what they call 'favouring one creditor above the others' Foggy? I know I was warned not to do anything like this.
"Hope is the feeling you have that the feeling you have isn't permanent." - Jean Kerr
Foggy
Posts: 33396 Joined: Fri Dec 17, 2010 11:14 amLocation: United Kingdom
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Yes, Til, and is a major "no-no" !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
Til
Posts: 845 Joined: Wed Aug 06, 2008 12:04 amLocation:
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Til » Mon Oct 13, 2014 5:25 pm
I thought so. I always understood that it breached the whole agreement and would fail it. Not that I was ever at risk as I never had any spare money
"Hope is the feeling you have that the feeling you have isn't permanent." - Jean Kerr
Shining
Posts: 27019 Joined: Thu Sep 20, 2007 8:57 amLocation:
Any spare money I would suggest you keep and build yourself a contingency fund as you never know what is around the corner.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Adam Davies
Posts: 14596 Joined: Thu Mar 29, 2007 12:21 pmLocation:
Hi
Andam Davies
Imhotep
Posts: 382 Joined: Sun Aug 01, 2010 11:36 pmLocation: United Kingdom
Spare money? Everyone seems to have this rarity except me
IVA is legally binding. Do nothing to breach it.
In_deep
Posts: 134 Joined: Wed Sep 22, 2010 7:23 pmLocation:
Hello my hubby is in an IVA and a joint bank account overdraft is included in this. The IVA company is making payments into the account but I have been asked to make payments too because it's a joint account. I hope this was the right thing to do.
Foggy
Posts: 33396 Joined: Fri Dec 17, 2010 11:14 amLocation: United Kingdom
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Hi In_deep. Yes, that is OK --- as it is a joint loan, in the event of one borrower becoming insolvent the responsibility for the loan falls to the solvent borrower.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
